The new apartment market is in a deep freeze as coronavirus concerns weigh on demand, according to statistics from the Ministry of Land and Transportation. Last month, only 997 units available for pre-construction sales were actually sold. That is down 65 percent from the same month last year, and 22 percent off of the five-year average. Some pre-construction projects were postponed this month. Sixteen apartment complexes that were planning to hold pre-construction sales in March have delayed the sale process to April. That’s a total of 13,444 apartment units. In April, 53 apartment complexes were planning to hold pre-construction sales of over 52,000 units. These sales might also be delayed if the Covid-19 outbreak continues much longer. Some sales might be pushed all the way to July.Real estate may be in a bear market, some analysts say.KB Kookmin Bank statistics foreshadow a deepening crisis.Its Top 50 Apartment Index fell 0.13 percent in March on month, the first drop in 11 months. The index tends to reflect the sentiment in the market overall. Index constituents include: the Acro River Park in Banpo, Seocho District southern Seoul; Eunma Apartment Complex in Daechi, Gangnam District, southern Seoul; and Jamsil LLL in Jamsil, Songpa… Read full this story
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